Posted on: 07th Oct, 2009 05:30 am
bofa recently obtained a final forclosure judgement on my property and the court scheduled a public auction sale. just priot to the day of sale, the bank cancelled the sale leaving me responsible for payment of hoa/maint fees, taxes, etc. this is a growing trend where banks walk away to avoid paying fees and taxes on property that is underwater and may not sell anytime soon and for much less than is owed. my question is: can i legally file a quit claim deed so my name will be removed from the title?
Quit claim deed is used to trasnfer ownership to some oen else
When you quit claim a property to some oen else, that person is laible to pay all the related taxes and assocaiton fee
When you quit claim a property to some oen else, that person is laible to pay all the related taxes and assocaiton fee
Hi aljohnson!
Welcome to forums!
You cannot simply file a quitclaim deed in order to transfer the property. The lender will also have to accept it. As far as the HOA and maintenance fees are concerned, you will have to pay it off or else the HOA will have the rights to place a lien on your property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You cannot simply file a quitclaim deed in order to transfer the property. The lender will also have to accept it. As far as the HOA and maintenance fees are concerned, you will have to pay it off or else the HOA will have the rights to place a lien on your property.
Feel free to ask if you've further queries.
Sussane
As stated, the lender has already forclosed and has a final judgement but refuses to let the sale happen. The property was also surrendered in Ch7.
If I do nothing, I could be paying for HOA and maint fees forever unless the county sells it for back taxes.
If I do nothing, I could be paying for HOA and maint fees forever unless the county sells it for back taxes.
hi al,
as the property was surrendered when you file chapter 7 bankruptcy, you are not personally liable for the mortgage dues. the lender would foreclose the property and recover the dues. as far as the hoa fees are concerned, they won't get discharged in your bankruptcy and you will have to pay it off. if you do not do so, the hoa would get a judgment against you and could even garnish your wages.
thanks
as the property was surrendered when you file chapter 7 bankruptcy, you are not personally liable for the mortgage dues. the lender would foreclose the property and recover the dues. as far as the hoa fees are concerned, they won't get discharged in your bankruptcy and you will have to pay it off. if you do not do so, the hoa would get a judgment against you and could even garnish your wages.
thanks
Well, I recorded a Quit Claim Deed and the tax records now reflect BofA as the official owner and the HOA changed the billing from me to BofA. I know once you sign a QC, you cannot cancel it. So, if the bank doesn't want it, I suppose they could QC it back to me minus any liens. Interesting thought.